Equity Firm Injects Cash into Food Delivery Company

May 23 , 2020


[ssba-buttons]

Impact Angel Network, a member of RENEW, has funded the third investment in Roadrunner Technology Solutions, a partner of Deliver Addis, an online food delivery company. Deliver Addis, which has been operational since 2015, has focused on online food delivery but dove into the online marketplace business as of April as a response to the increased demand caused by the Novel Coronavirus (COVID-19) pandemic. It enables consumers to shop for groceries and other essential goods online. Since last month, the company’s daily deliveries have grown by 630pc. Roadrunner and Deliver Addis’s platform is designed by Feleg Tsegaye, the founder of the companies. Deliver Addis now provides food from over 100 restaurants, alongside groceries, flowers and other consumer products. The third investment in Roadrunner and Deliver Addis will increase the companies’ capacities, enable them to reduce prices and increase efficiency to expand its market share and offer new products and services to the market, according to a statement from RENEW.


Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...